Subject: File No. SR-Amex-2005-072
From: Richard Powell
Affiliation: Autodidactic investor

February 17, 2006

It was once said that "the business of America is business". The free markets, functioning on the basis of the invisible hand of demand and supply, further nurished in a capitalistic society wherein both "perspiration and inspiration" can be richly rewarded have been directly responsible for building our economy. The economy has prospered, for a long time, especially so in comparison to those centrally controled economic systems under which a silver ETF would not be allowed.

Is there any reason or precedent that such would hamper, harm or hinder the workings of a free market? Perhaps the opposite is true, that prohibiting the ETF would be an encumberance on the free operating of our metals' markets and would hinder the encouragement of the production of silver. Open the metals' markets to the investors of the world who do not have access to the futures' markets The ETF would function as a speculative vehicle for silver investment and would benefit that market in exactly the same way as speculation benefits any market. It would provide liquidity, enhanse visibility of supply and demand, and encourage the investment necessary for continued production and a secure source of metal.

I petition for approval, thank you for listening...
Richard Powell